DuPont Plans Reverse Stock Split of 1-for-2 to 1-for-4
DuPont announced that it plans to seek stockholder approval for an amendment to the company's Certificate of Incorporation to effect, at the discretion of the board, a reverse stock split of the company's common stock at a ratio of not less than 1-for-2 or more than 1-for-4, with the exact ratio to be determined by the board at a later date. If and when the reverse stock split is effected, the Certificate of Incorporation will also be amended to reflect a corresponding reduction in the number of authorized shares of the company's common stock by the selected reverse stock split ratio. The reverse stock split will have no impact on the voting and other rights of stockholders and will have no impact on the company's business operations or any of its outstanding indebtedness. DuPont will seek approval of the reverse stock split at its Annual Meeting of Stockholders on May 21. DuPont's board has set March 18 as the record date for stockholders entitled to vote at the Annual Meeting. Even if the reverse stock split is approved by the company's stockholders, the board may delay or abandon the reverse stock split at any time prior to the effective time of the reverse stock split if the board determines that the reverse stock split is no longer in the best interests of the company or its stockholders.
